Leases

Leases
Lessee (Penyewa)
• Pihak yang memperoleh layanan
dari aset yang disewa, dengan
melakukan serangkaian
pembayaran kepada pemilik
Lessor (Pemilik aset)
• Pemilik Aset yang disewakan
kepada lessee
 Leasing
Types of Leases
• Direct Lease – lessor memiliki atau membeli aset
baru untuk disewakan kepada lessee yang tidak
dimiliki sebelumnya
• Sale and Leaseback – lessee menjual aset secara
tunai kepada lessor lalu disewa kembali aseet
tersebut dari lessor
• Leveraged Lease - Lessor memberi pinjaman
sebagian dan sisanya dipenuhi oleh lessee atas
pembelian asset yang diperlukan lessee.
 Leasing Arrangements
• Operating Leases, biasanya memerlukan klausa pemeliharaan oleh
lessor untuk mempertahankan aset dan melakukan pembayaran
asuransi dan pajak.
• Renewal options, ketentuan yang memberikan lessee pilihan untuk
kembali menyewa asset pada saat berakhirnya masa sewa.
• Purchase options, ketentuan yang sering dimasukkan dalam
operating dan financial leases yang memungkinkan lessee untuk
membeli aset pada saat jatuh tempo - biasanya pada harga yang telah
ditentukan.
• Advantages: Sale-leaseback arrangements may permit the firm to
increase its liquidity by converting an existing asset into cash, which
may then be used as working capital.
 Lease vs. Purchase

Issue:
• Membeli asset dengan
menentukan dan mengatur
financing mix, atau
• Membiayai asset dengan
financial lease.
 Leasing vs. Debt Financing:
Potential Benefits
1) Flexibel & Nyaman
• Sewa lebih mudah, lebih cepat dan memerlukan
lebih sedikit dokumentasi.
• Sewa lebih mudah untuk menyetujui dari proyek
penganggaran modal.
• Leasing menyederhanakan pembukuan untuk
tujuan pajak.
• Leasing memungkinkan sinkronisasi pembayaran
sewa dengan arus kas perusahaan
• Leasing menghindari masalah
 Leasing vs. Debt Financing:
Potential Benefits

2) Lack of Restrictions
Leases tidak memiliki batasan
(protective restrictions).
3) Avoiding Risiko Usang?
Not really - only in cancelable operating
leases.
4) Conservation of Working Capital
Leases usually have a lower initial outlay
than a purchase.
 Leasing vs. Debt Financing:
Potential Benefits

5) 100% Financing?
Leases tidak memerlukan uang muka.
6) Tax Savings
Leases memberikan tax shield lebih besar
dari pada tax shield depreciation.
7) Kemudahan mendapatkan Credit
Hal ini sering lebih mudah bagi perusahaan
berisiko untuk mendapatkan sewa
daripada mendapatkan pembiayaan
 Leasing
The Lease-Versus-Purchase Decision
• STEP 1: Find the after-tax cash outflows for each year under
the lease alternative.
• STEP 2: Find the after-tax cash outflows for each year under
the purchase alternative
• STEP 3: Calculate the present value of the cash outflows
from Step 1 and Step 2 using the after-tax cost of debt as the
discount rate.
• STEP 4: Choose the alternative with the lower present value
of cash outflows.
 Leasing
The Lease-Versus-Purchase Decision

Roberts Company, a small machine shop, is contemplating

acquiring a new machine tool costing $24,000.
Arrangements can be made to lease or purchase. The firm
is in the 40 percent tax bracket.

Lease. The firm would obtain a 5-year lease requiring annual

end-of-year payments of $6,000. All maintenance costs will be
borne by the lessor, and the lessee would exercise the option to
purchase the machine for $4,000 at termination of the lease.
 Leasing
The Lease-Versus-Purchase Decision
Purchase. The firm would finance the purchase of the machine
with a 9%, 5-year loan requiring end -of-year installment
payments of $6,170. It would be depreciated under MACRS
using a 5-year recovery period. The firm would pay $1,500 per
year for a service contract that covers all maintenance costs;
insurance and other costs would be borne by the firm. The firm
plans to keep the machine and use it beyond its 5-year recovery
period.
 Leasing
The Lease-Versus-Purchase Decision
STEP 1 : Find the after-tax cash outflows for each year under the
lease alternative.
The after-tax cash outflow from the lease payments can be found
as follows:
A-T Outflow from Lease = $6,000 x (1 - t)
= $6,000 x (1 - .40)
= $3,600
In the final year, the $4,000 cost of the purchase option would be
added to the $3,600 lease outflow to get a year 5 outflow of
$7,600.
 Leasing
The Lease-Versus-Purchase Decision

STEP 2: Find the after-tax cash outflows for each year under the
purchase alternative.
First, the annual interest component of each loan payment must
be determined since only interest can be deducted for tax
purposes as shown in Table 16.1 on the following slide.
Second, the A-T outflows must be computed as shown in Table
16.2.
 Leasing
The Lease-Versus-Purchase Decision
 Leasing
The Lease-Versus-Purchase Decision
 Leasing
The Lease-Versus-Purchase Decision

STEP 3: Calculate the present value of the cash outflows from

Step 1 and Step 2 using the after-tax cost as the discount rate
 Leasing
The Lease-Versus-Purchase Decision
 Leasing
The Lease-Versus-Purchase Decision

STEP 4: Choose the alternate with the smaller present value of

cash outflows.
Because the present value of cash outflows for leasing ($18,151) is
lower than that for purchasing ($19,539), the leasing alternative
is preferred -- resulting in an incremental savings of $1,388.
 MARCS DEPRECIATION
Year 3-year 5-year 7-year 10-year
1 0.333 0.200 0.143 0.100

2 0.445 0.320 0.245 0.180

3 0.148 0.192 0.175 0.144

4 0.074 0.115 0.125 0.115

5 0.115 0.089 0.092

6 0.058 0.089 0.074

7 0.089 0.066

8 0.045 0.066

9 0.065

10 0.065

11 0.033